RARE OPPORTUNITY NOW!
GROUND LEASE OF FORMER WINE SHOP SPACE at
40 MAIN STREET IN DOWNTOWN EDGARTOWN!
Looking for Ground Lease Tenant to Perform Re-Build! Currently 950 SF MAIN STREET DOWNTOWN EDGARTOWN - Owner seeks TENANT to rebuild and add additional 134 +/- sf to retail area and 1050 +/- sf of second floor stock area with an additional 500-600 sf +/- of third floor with roof deck with possible view of Edgartown Harbor. .
This former wine and gourmet shop and full line package store location is available for ground lease with the tenant expected to rebuild in return for a long term lease - refrigeration is still available should one desire to use it. This 40 Main Street space is situated along the most desirable block for retail on Martha's Vineyard (and arguably on the Cape as well) and contains 950 +/- sf. The permits for reconstruction the Tenant will be seeking call for a ground floor expansion of another 134 +/- sf, plus upper story for stock space of 1050 +/- sf with an additional 500-600 sf +/- of third floor with roof deck with possible view of Edgartown Harbor. The Tenant's obligations are to construct to code a such a building in "vanilla box" with working bathroom, HVAC and 400 amp electrical service and layout for retail and ample plumbing runs to designated locations throughout with adequate bathroom plumbing to allow for future use as a restaurant, within certain minimum specifications in return for a long term ground lease.
|
|
ASKING $36,000.00 ANNUAL GROUND BASE RENT* + ADDITIONAL RENTS = QUADRUPLE NET
After rebuild as a multistory structure, the market value of the base rent would be $135,000.00 plus utilities and additional rents include taxes, insurance, water, sewer, and maintenance and repairs. That leaves $99,000.00 per year for amortization of the construction costs, which would clearly leave a significant profit on the table each year for the Tenant Builder. That profit represents a significant discount to base rent and enables one to get onto Main Street in Edgartown for what we estimate to be a 25% discount through the term. The term can be adjusted to accommodate the time needed to reasonably amortize building construction costs. Call 508-627-5900 or email 40MainSt@marthasvineyardrentals.net
* depending on length of lease, base rent will increase over time
* depending on length of lease, base rent will increase over time
 
|
|
